Too Much Demand, Reddit NFT Store Experienced Disruption

JAKARTA - Reddit, a platform known as an online discussion forum with many users, launched Generation 3 of its digital Avatars collection, which is a unique digital token based on the Polygon blockchain, on April 11.

However, NFT stores on Reddit experienced disruptions and experienced temporary blackouts due to the high volume of visitors and transactions carried out by bots, automated computer programs. One of the projects, Pastel Alpha, even admitted to having purchased "large amounts" of items through the use of bots.

The disruption caused criticism from the Reddit community, which blamed the platform for not implementing CAPTCHA or other security systems to reduce purchases made by bots. Some users propose that Reddit hold future offerings through a proven NFT market, such as OpenSea.

Hingga berita ini ditulis, Reddit belum mengumumkan resolasi penuh untuk gangguan di toko NFT-nya, dan belum belum secara jelas mengakui bahwa pembelian oleh bot menjadi penyebabnya lonjakan permintaan yang mengakibatkan ketempan toko.

At 8:47 p.m. universal coordinate time (UTC), Reddit stated that they would restore store functions for iOS and Android device users. However, buying or taking NFT via the web browser still produces error messages.

In this regard, previously in July 2022, Reddit had launched its first digital Avatars collection. Each of these collection series features the design of more than 100 artists working on commissions from Reddit as CryptoSlate reports.

The latest data also shows that in February, the market capitalization of the Avatars Reddit collection reached US$35 million (Rp520 billion). However, as of April 11, the market capitalization of the collection fell to US$27 million (Rp401 billion).

In addition, Reddit has also explored the world of cryptocurrencies. The platform facilitates community points on the Arbitrum Nova blockchain layer, and some subreddits, such as/r/cryptocurrency and/r/fortnite, even have their own cryptocurrency tokens dedicated to its community.

Reddit founder Alexis Ohanian is also involved in the cryptocurrency world through his company engaged in venture capital, 776 Management, which has made major investments in blockchain technology and web3 concepts.